Vancouver, British Columbia, Canada – TheNewswire – April 6, 2022 – Global Cannabis Applications Corp. (the “Company”) (CSE: APP) (ESF: 2FA) (OTC: FUAPF), a leader Medical Cannabis Chain of Custody Data and Compliance Platform, is pleased to announce that it closed the first tranche of a private placement without an intermediary (the “First installment”).
As part of the First Tranche, the Company issued 3,400,000 shares (the “Units”) at a price of $0.05 per unit to investors for gross proceeds of $170,000.00 and 2,400,000 common shares of its capital (“Shares”) at a deemed price of $0.05 per share to certain creditors to settle a total debt of $120,000.00. Each unit consists of one share and one share purchase warrant (each, a “To guarantee“), whereby each warrant entitles its holder to purchase one additional share for a period of one year from closing at an exercise price of $0.06 per share.
Net proceeds from the first tranche will be used for general operations (working capital), including business development and technology upgrades. All securities issued under the First Tranche are subject to a statutory hold period expiring four months and one day from the date of issue of the securities.
In connection with the First Tranche, the Company paid finder’s fees of $7,200.00 and issued 144,000 finder’s warrants. Each intermediation warrant bears the same conditions as the Warrants.
The securities have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements . This press release does not constitute an offer to sell or the solicitation of an offer to buy and there will be no sale of the securities in any state in which such offer, solicitation or sale would be unlawful.
About Global Cannabis Applications Corp. (“CCGA”)
GCAC is a global leader in the design, development, SaaS licensing and acquisition of innovative data technologies for the medical cannabis industry. The Citizen Green and Efixii platforms are the world’s first end-to-end medical cannabis data solutions – from patient to regulator. They use six core technologies: mobile apps, artificial intelligence, RegTech, smart databases, Ethereum blockchain, and GCAC smart rewards. These technologies transparently disclose events in the cannabis chain of custody, allowing patients to provide data on the effectiveness of crowd-sourced medical cannabis. Led by digital and cannabis industry experts, GCAC is focused on generating revenue from SaaS licensing of its technology and acquiring high-quality cannabis datasets that improve patient outcomes and become the largest provider of cannabis efficacy data in the world.
For more information about the company, please visit www.cannappscorp.comor revise their profiles on www.sedar.com and on the Canadian Securities Exchange website at www.thecse.com.
press contact
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Forward-looking information
This press release contains certain “forward-looking information” and “forward-looking statements” (collectively “forward-looking statements”) within the meaning of applicable securities laws. All statements, other than statements of historical fact, included herein, without limitation, statements relating to the future operations and activities of the Company, are forward-looking statements. Forward-looking statements are frequently, but not always, identified by words such as “expects”, “anticipates”, “believes”, “intends”, “estimates”, “potential”, “possible”. and similar expressions or statements that events, conditions or results “will”, “could”, “might” or “should” occur or be achieved. The forward-looking statements contained in this press release relate to, among other things, statements relating to the use of proceeds from the first tranche. There can be no assurance that such statements will prove to be accurate, and actual results and future events could differ materially from those anticipated in such statements. Forward-looking statements reflect beliefs, opinions and projections as of the date the statements are made and are based on a number of assumptions and estimates which, although considered reasonable by Company, are inherently subject to significant commercial, economic, competitive, political and social uncertainties and contingencies. Many factors, known and unknown, could cause actual results, performance or achievements to differ materially from the results, performance or achievements that are or may be expressed or implied by these forward-looking statements and the parties have made assumptions and estimates based on or related to many of these factors. Readers should not place undue reliance on the forward-looking statements and information contained in this press release regarding these items. The Company undertakes no obligation to update any forward-looking statements of beliefs, opinions, projections or other factors should they change, except as required by applicable securities laws.
The Canadian Securities Exchange has not reviewed and accepts no responsibility for the adequacy and accuracy of this information.
THIS PRESS RELEASE IS NOT INTENDED FOR DISSEMINATION OR DISTRIBUTION IN THE UNITED STATES
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